The same trend holds true for Crude: Oil prices broke out months ago. We observed in November 2003[2] a breakout in crude oil over $32.25 would send oil to $36 – 38 levels The commodity tore through the $38 levels.

Quote of the Day
“…that is certainly not the case for our yawning fiscal deficit. Our fiscal prospects are, in my judgment, a significant obstacle to long-term stability because the budget deficit is not readily subject to correction by market forces that stabilize other imbalances.”-Fed Chief Alan Greenspan[9]